INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 7 — INTANGIBLE ASSETS

Intangible assets consist of:

	December 31,			December 31,
	2023			2022
Consumer
Domain names	$	41,352		$	41,352
Point of sale system		330,000			330,000
		371,352			371,352
Less: accumulated amortization		(365,852	)		(335,502	)
Subtotal		5,500			35,850
Commercial
Trademarks (1)		1,483,000			1,483,000
Customer Contracts (1)		1,873,000			1,873,000
Trademarks/Tradenames (2)		114,000			114,000
Customer Relationships (2)		345,000			345,000
Trademarks/Tradenames (3)		1,272,000			1,272,000
Customer Relationships (3)		1,464,000			1,464,000
		6,551,000			6,551,000
Less: accumulated amortization		(2,248,405	)		(1,593,305	)
Subtotal		4,302,595			4,957,695
Total	$	4,308,095		$	4,993,545

(1)	Intangibles relate to the asset purchase agreement of the Echo Legacy Entities on May 20, 2019.
(2)	Intangibles relate to the purchase of the assets of CExchange, LLC a Texas limited liability company, on June 9, 2021 (the “CExchange Transaction”).
(3)	Intangibles relate to the Avail Transaction on October 29, 2021.

Amortization expense was $685,450 and $766,700 for Fiscal years 2023 and 2022, respectively.

The estimated aggregate amortization expense for each of the five succeeding fiscal years follows:

	Consumer		Commercial		Total
2024		5,500		655,100		660,600
2025		-		655,100		655,100
2026		-		655,100		655,100
2027		-		655,100		655,100
2028		-		655,100		655,100
Thereafter		-		1,027,095		1,027,095
	$	5,500	$	4,302,595	$	4,308,095